Boston-based banking think tank Aité Group announced it has merged with insurance advisory firm Novarica Inc. to form a new entity called Aite-Novarica Group that will continue both firms’ focus on helping financial services firms understand new technologies and industry changes.
“We have a tremendous opportunity to leverage our subject-matter experts’ hundreds of years of collective industry experience to advise financial services executives on their most critical decisions,” said Kurt Reisenberg, a former Corporate Executive Board executive who is the new CEO of the combined company.
The move came as Pamlico Capital, a Charlotte, North Carolina-based private equity firm, became the majority owner of the business in a bid to provide it with capital to accelerate its growth, Aite Group managing partner Sang Lee wrote in an email to Aité Group subscribers Wednesday morning.
“We are excited about providing new depths of technology leadership experience and advisory capabilities to all of our clients, and about having more impact on decision-makers in the insurance industry,” Lee said in a statement provided by Aite-Novarica Group.
Lee will be the firm’s head of product and strategy going forward.
The company says it will offer clients access to insights from 70 European and North American analysts covering the banking, payments, insurance and securities industries, plus a growing portfolio of virtual and in-person conferences an and executive advisory business.
“Our entire team is looking forward to bringing additional insights from adjacent financial services verticals and specialized areas such as fraud, anti-money laundering and cybersecurity to our insurer CIO clients,” Matthew Josefowicz, former CEO of Novarica and head of Research Councils for Aite-Novarica Group. said in a statement.